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The S&P/Case-Shiller index of property prices in 20 cities increased 13.7% in November, the largest year-over-year jump in nearly eight years. Homebuilder stocks were advancing after the price index report, with Lennar(LEN - Get Report)

There were several other bright spots in corporate earnings: Pfizer(PFE)

Apple, saw its shares dive 7.8% Tuesday after reporting first-quarter profit that was flat from a year earlier. The iPad maker projected second-quarter sales that missed expectations.

In global economic news, the U.K. economy expanded at the strongest pace since 2007 last year as gross domestic product rose 1.9%.

European markets gained Tuesday after their largest three day fall since June 2013. Germany's DAX rose 0.62% while the FTSE was 0.33% higher. The Hang Seng closed off 0.07% while the Nikkei was 0.17% lower.

Durable goods orders declined 4.3% in December versus expectations of a 1.6% rise.

The Federal Reserve policy meeting kicks off Tuesday, with strategists split on whether the central bank will continue to wind back bond purchases by $10 billion a month after the recent emerging markets turmoil.

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